Bakkt has confirmed that it is in the final stages of testing for its consumer app. The solution for institutional investors is now moving to retail investors to expand the scope of its services.
Bakkt started off 2019 on shaky footing with less-than-stellar trading volume. In spite of critics, however, it has made a comeback in the last month. It now plans to take this a step further with a consumer app — which will likely be partnered with Starbucks and others.
Although floating around as a possibility for some time, it was recently confirmed in an ‘insider email’ which Bakkt sends out periodically to subscribers.
Bakkt testing consumer app in preparation for imminent lauch for retail traders! pic.twitter.com/7y4S1vZGS0
— Cryptopolis (@cryptopolis_x) November 14, 2019
Bitcoin and Starbucks
The physically-backed Bitcoin futures exchange also made note of such plans in its Medium post from October 28. However, this is a far more direct confirmation that the consumer app is actively being tested.
The app’s release will almost definitely coincide with the testing of cryptocurrency-related payments with Starbucks in Q1 and Q2 of 2020. Although there is room for speculation, the consumer app will likely support trading and purchases of goods with cryptocurrencies.
Bakkt Trading Volume Increasing
Bakkt’s volume has been exploding as of late — which has shocked the naysayers. As BeInCrypto reported, the amount of traded contracts on the exchange boomed last week. On November 8, Bakkt reported around $15.6M in daily volume.
Daily summary of Thursday's Bakkt Bitcoin Monthly Futures:
📉 Traded contracts: 577 ($4,970,855)
📅 Day before: 601 (-4%)
🚀 All time high: 1756 (11/8/2019)
Follow @BakktBot for realtime updates | Tip sats https://t.co/TF6sNUwWpO pic.twitter.com/Qk1UxPXhjT
— Bakkt Volume Bot (@BakktBot) November 15, 2019
Although it started October slowly, the volume has picked up throughout November. It remains to be seen whether Bakkt can keep up with this momentum going into December. An app for retail investors would certainly boost its trading volume even further — and we can likely expect more details before year’s end.
Images are courtesy of Shutterstock, Twitter.
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